RCCI asks govt to allocate more funds for the real estate sector under PSDP

RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) President Saboor Malik, during his visit to Islamabad Stock Exchange (ISE), urged the government to allocate more funds for the construction and real estate sectors under the Public Sector Development Programme (PSDP).

He said the construction sector can benefit greatly from a reduction in electricity, gas and petroleum prices. He further added that the real estate sector has the potential to create millions of jobs and can very well remedy the prevailing unemployment in the country. The lack of modern infrastructure in the country necessitates support to the real estate sector.

During his visit, ISE REIT Chairman Zahid Latif Khan briefed him on prospects of ‘Hospitality REIT’. He informed that Pakistan’s real estate sector is estimated to be worth $1 trillion. He expressed his confidence in ‘Hospitality REIT’ and said that the project would aim to fill the lack of hotels needed in the capital. He said that ‘Hospitality REIT’ would greatly benefit both the industry and the investors.

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